Arsenal manager Arsene Wenger is planning a double striker swoop for £40.5m, and the deals could be done in time for Euro 2016.
Goalkeeper Petr Cech was the only arrival last summer at the Emirates Stadium, despite rumours there was a considerable amount of money available for more signings.
But, the Gunners are taking a look at deals for Dynamo Moscow attacker Aleksandr Kokorin and Antoine Griezmann of Atletico Madrid.
Kokorin has been on the radar of Arsenal for some time, and was close to joining on loan last summer.
However, the deal fell through as Moscow refused to let him go. His contract is up at the end of the season, so they could pick him up in January.
A deal could be done for £7m.
Griezmann, meanwhile, could be available for £33m, according to reports in Spain. He has five goals to his name this term.